Singapore Prepares to Let Its Dollar
Strengthen Against U.S. Currency

By

Christopher Wellisz and

Amit Prakash Dow Jones Newswires

Updated July 28, 2000 12:01 a.m. ET

SINGAPORE -- The Monetary Authority of Singapore said it is prepared to allow a "gradual and modest appreciation" of the Singapore dollar. The statement immediately caused the currency to strengthen, but analysts said it is unlikely to gain much more in the near term.

Koh Yong Guan, the authority's managing director, made the statement at a news conference presenting its annual report. Shortly afterward, the U.S. dollar fell...